Oil prices were pulled down in early trading on Thursday as OPEC warned of slowing demand and major exporter Russia hinted that there would only be a loose agreement with little commitments at the upcoming exporter meeting to rein in ballooning oversupply.

Brent crude hit a three-month high on Monday, extending gains that have lifted crude benchmarks by more than a third from this year`s lows on an improving global outlook and stronger sentiment for a market recovery

"Fundamental data indicates that the oil market is oversupplied by over 2 million barrels per day," the bank said. But it added that due to a recent rally in prices it had lifted its average 2015 Brent and WTI price forecasts to $60 and $55.10 per barrel respectively, up from $52.50 and $48.60 a barrel previously.